Banks Agree Refinancing Deal with London Kensington Hotel
Main Photo: The Curio hotel in Queensgate
Date: October 2020
Location: South Kensington, London, England, UK
Name: 100 Queen’s Gate Hotel London, Curio Collection by Hilton in South Kensington
No. of Keys: 228
Owner: Crimson Hotels, headed up by Aly Kassam, one of London’s original Asian hoteliers from the 1980’s. Crimson acquired what was then the Regency Hotel in 2015, for around £100m and initially converted it to a DoubleTree by Hilton before switching the the Curio brand in 2018.
Lenders: Clydesdale Bank, owned by Virgin Money, and Leumi UK, the London-based subsidiary of Israel’s leading international bank, have completed a refinancing deal at 100 Queen’s Gate Hotel London, Curio Collection by Hilton in South Kensington.
The banks have agreed a 50:50 deal to refinance an existing lender and provide additional liquidity to the owner-operator London Kensington Hotel. Peter Upton, senior director of Hotel Finance at Clydesdale Bank said: “The sector continues to feel the pressure of the COVID-19 pandemic and this deal will ensure the management team has the flexibility to navigate the challenges ahead.”
Stephen Welch, senior relationship manager of Hotel Finance at Leumi UK, said: “We were keen to build the right solution that would support the team at London Kensington Hotel Ltd alongside our partners from Clydesdale Bank.”
Aly Kassam, executive officer of Crimson Hotels, said: “We are grateful for the support received from both Leumi UK and Clydesdale Bank as we navigate the challenges presented to us during the coronavirus pandemic.”
CMS acted as lawyers and Cushman & Wakefield acted as valuers for the lenders. Taylor Wessing acted for the borrower.
THPT Comment: Good to see continued commitment to the London hotel scene by Leumi…and a new deal for Clydesdale in the capital. Slightly clumsy hotel name…would have thought Curio Collection Hotel, South Kensington would have worked.
First Seen: Taylor Wessing website
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